On the NZDUSD
we are currently waiting for a completing bat pattern
, however, while in short term consolidation the pair has formed another smaller bat pattern
. Both correspond with the overlying trend. Targets for both patterns are set at a 0.618 retracement
respectively with stop losses being placed at a 1/1 risk reward ratio respectively. Could be a good way to scale into the current downtrend that NZDUSD
is in. If price reaches both stop losses it could be showing an overall price reversal.